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Mortgage Misery - Do I have to sell my home? HELP!

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		22 Aug 2008, 05:55:59 AM	#1

DesperateDelia
New to the nest

Joined: 21 Aug 08
Post Count: 4

Mortgage Misery - Do I have to sell my home? HELP!

Dear All,

HELP! I feel I will have to give up my beloved home due to poor health and end of fixed rate mortgage.

I have been unable to work for the last year due to ill health, I am claiming incapacity and disability benefit. However, as I have a mortgage the benefits people will not help me with mortgage costs they only help with rental costs. I live with my man, he is self-employed and we are beginning to struggle as our 2 year fixed rate mortgage is coming to an end. Our mortgage costs are going to go through the roof literally from £980 per month to £1495 per month this is with Northern Rock. We have seen an IFA but we are unable to get a new mortgage with anyone else as our financial circumstances have changed so much. We have told Northern Rock that we won't be able to cope with the increase in mortgage repayments but they don't seem to want to offer any alternatives. I should say we are on an interest only repayment mortgage.

I have been told that we should be offered a sensible repayment agreement if in financial difficulties. Is this true??

There is a good chance that I could be back in full time employment by this time next year-but it is rather unknown. If we can just get through another year things could be a whole different ball game.

Can anyone help me because it's breaking my heart that we may to have to sell our home.

Any advice would be gratefully appreciated. Many Thanks

Desperate Delia


Last edited by: DesperateDelia* on 22 Aug 2008, 05:58:09 AM*


		01 Sep 2008, 12:43:39 PM	#2

Admin
Money-making magpie

Post Count: 50

Hi Delia,

Your post has been added to Jasmine's Cash Clinic, where Jasmine will personally answer your question.

Chin up for the meantime.

Official Moneymagpie admin. Nothing in this post should be taken as financial advice: remember to do your own research based on your specific circumstances. Keep up to date with the best of the site: sign up for our free newsletter at www.moneymagpie.com/showPage/newsletter-subscription


		02 Sep 2008, 05:24:37 PM	#3

DesperateDelia
New to the nest

Joined: 21 Aug 08
Post Count: 4

Mortgage Misery 2

Dear All,

Just to correct my original post, we have an interest only mortgage NOT a repayment one.

sorry for confusion!!

If anyone can help me at all with any advice I would really appreciate it-Many Thanks

Delia


		02 Sep 2008, 05:26:03 PM	#4

DesperateDelia
New to the nest

Joined: 21 Aug 08
Post Count: 4

Thank you I eagerly await Jasmines response-Many Thanks Delia

Quote:

Hi Delia,

Your post has been added to Jasmine's Cash Clinic, where Jasmine will personally answer your question.

Chin up for the meantime.


		15 Sep 2008, 08:07:36 AM	#5

DesperateDelia
New to the nest

Joined: 21 Aug 08
Post Count: 4

Hello

Could you tell me when will Jasmine be responding to my post? I am getting more desperate by the day!!

Many Thanks & Kind Regards

Desperate Delia


		22 Sep 2008, 04:09:19 PM	#6

Jasmine Birtles
New to the nest

Joined: 05 Jun 07
Post Count: 28

Quote:

Hello

Could you tell me when will Jasmine be responding to my post? I am getting more desperate by the day!!

Many Thanks & Kind Regards

Desperate Delia

So sorry Delia - I'm here at last!! I've been speaking to Shelter (www.shelter.org.uk) because they, and the Citizens Advice Bureau, (www.citizensadvice.org.uk) are the best agencies when it comes to dealing with housing-related problems. Do get in touch with one or other for help. Shelter's free helpline, btw, is 0808 800 4444. In answer to your question, yes it is possible to get a more sensible repayment agreement but it depends on your lender. My view is that, given the housing market at the moment, it would be in a lender's interest to give you more favourable terms because they're going to get too little for your home if they repossess it now and try and sell it. However, I do also know that Northern Rock is keen to get rid of a lot of its borrowers, so they may not be feeling as sensible as I think they should! If you haven't already spoken to them, or if you have and have had a bad answer, then speak to the people at Shelter as they will negotiate on your behalf. They're used to doing this! Also, do please keep us informed. If you hit a brick wall, let us know here and we will have a go ourselves. I promise that we will do it QUICKLY this time! You sound like you're on the mend which is great - I hope you can get back to work later on as you say. That sounds positive. Keep strong! Jasmine